By THE NATION
Gulf has purchased a 49-per-cent share in Hin Kong Power Holding Co Ltd and both Ratch and Fulf will apply their experience and expertise to the plant as a critical power source for securing the national power system and competitive potential.
Ratch CEO Kijja Sripatthangkura said this week that Ratch and Gulf are Thailand’s leading independent power producers with extensive experience and competence in the business.
Their collaboration, he said, “will enable the Hin Kong Power Plant to better create economic and social value, and also will support the national agenda on energy security and aim to become Southeast Asia’s energy hub.”
The business alliance would also help Ratch Group pursue its goal of becoming a leading energy and infrastructure company in Asia-Pacific, he said.
“We are confident that the plant will be an electricity supply source that will contribute to the country’s long-term socio-economic development,” Kijja said. “The power grid in Thailand’s West and South in particular will be more secure and households and industries will be served efficiently.
“In addition, there is an opportunity to extend our cooperation with Gulf as a strategic partner in other projects in the future because of their similar business direction and goals. This could support Ratch Group’s strategy to grow its enterprise value at Bt200 billion by 2023.”
The Hin Kong Power Plant consists of two 700MW blocks fired by natural gas.
Hin Kong Power is the project operator, wholly owned by Hin Kong Power Holding Co Ltd. The project was entered into the 25-year power purchase agreement with the Electricity Generating Authority of Thailand last July.
The first block is scheduled to begin commercial operations in 2024 and the second in 2025. An environmental impact assessment is underway.